Identify for whom and/or for which organisation you will be writing the business case document. Identify an innovation that your group believes could be reasonably discussed as the subject of the business case. The innovation you choose should have the potential to be developed sustainably over a commercially viable period of time. Consider and evaluate the possible business models that could be used to realise the opportunities inherent in the innovation.
Business case is a document that puts forward an argument that is proposed to induce a decision maker to approve some kind of action. It articulates a clear trail to an attractive Return on Investment (ROI). Companies create a new innovative product in order to keep ahead of competitors. To create a new innovative product it is essential to develop a proper strategy. The main aim of the business case development is to choose an organization and develop an innovative product to convince its stakeholders and customers about the innovation. The main aim is to develop a plan that would articulate an attractive return on investment. This case study focuses on the organization named Procter and Gamble. It shows how building an innovative product has helped the company achieves its goals and objectives. Innovation helps the company maintain and achieve competitive advantage (Hollensen 2015).
Procter and Gamble also known as P&G is an American multinational company that produces wide range of consumer products. It is a global corporation that serves five billion consumers that sells its products in more than 140 countries. The products that it involves in selling are disposable nappies, snacks, shampoos and other cosmetic products. It is one of the largest consumer goods companies. The company recently plans to restructure itself in order to create new product to embrace the future. The main purpose of restructuring is creating new product, setting targets and goals, developing business and rewarding those who do it. To understand the power of innovation it is essential to understand the goals and objectives of the company. The business case study targets the management team and its stakeholders with the aim that it will help maximize the profit and the action of innovation will articulate maximum return on investment. The main focus of the organization is to develop a sustainable product (Us.pg.com. 2016).
The main aim of creating an innovative product is to improve the organizational culture and maintain competitive advantage. Innovation not only requires using inventors, expertise, researchers and product developers but it also requires using the capabilities of employees within an organization to help the product reach the market and targeted customers efficiently. The main of the hu8uman resource development department ion the company is develop and train the employees in such as way that they think innovatively out of the box. People with right attitude and skills help the organization develop a new innovative product that will help in preserving the culture of the organization (Boons et al. 2013). The main aim of the business should be to invent a product from which the consumers benefit. Procter and Gamble has developed many new products in the past and believes in developing more of new and innovative products in future. At present a group of business development has planned to develop a new product and suggest the product developer group about its innovation. The name of the product is flash antibacterial wipes. It’s a medical product of the company. It is a new product that would help in killing the germs within twelve hours of use. Innovation is not only about research and development but it also involves listening to customers. Wipes that is created will help the in cleaning the germs both within and outside home (Cloyd and Euchner 2012). The wipes will be available in both a tube and refill value pack. It will be disposable in nature or one time use. This will help in preventing the germs to spread. It can be used in cleaning the cars and other technologies as well. This concept was developed form baby wipes. The wipes could be used on only cleaning the human being but now it can be used to clean other thins on household as well to make the healthy environment. The product developed will be commercial and sustainable in nature as the manufacturing department of the company will use the raw material that is eco friendly and sustainable in nature. These are antibacterial wipes that will stop the bacteria from spreading. The product that will be developed will not take much time. The main of innovation of any product is making it available at commercially viable time so that the idea of their innovation is not copied by others before its release (Metcalfe and Miles 2012).
The other part of this business repot discusses the opportunities inherent in the innovation using viable business models of innovation. Innovation is a wonderful thing because it requires o new technologies or new market. It is developing the new product using existing technologies and promoting it in existing markets itself. The main aim of the innovation is to accomplish the goals of the company and maintain competitive advantage. For developing a new product a proper business model and strategy is essential in order to avoid the risks involves with innovation (Amit and Zott 2012). Diversity and culture in an organization helps in driving innovation. The diverse work force in an organization are preferred by managers in workforce is order to gather new innovative ideas. Inherent diversity involves gender, ethnicity and sexual orientation that can be used in expanding the opportunities of innovation in an organization. Two dimensional leadership programs can be used to enhance the innovation in an organization. Organization structure also supports innovation. Organization structure helps the flow of the idea of innovation easy throughout the enterprises. It helps the consumers learn quickly about the innovation. It also helps the organization increase its profitability. Staying ahead of competition and transforming existing markets is innovation. Investment in research and development department also helps the organization in developing new product. The idea of innovation may come from different sources that include salesperson such as retailers and developers. The main idea of innovation is coordination of different intellectual in an organization. This involves different technologies to combine to form a single unit or product. It involves transferring technologies and knowledge to create a new product from the already existing ones. Innovation is meeting the consumer needs. It also involves developing a product that is sustainable in nature. The business models help the organization by providing various data, logic and evidences that help the business develop and create the product that the customers require (Casadesusâ€ÂMasanell and Zhu 2013). The business models also help in evaluating the cost and profit of the firm and how it would gain by developing a new product. It is a conceptual model rather than a financial one. The business model depends on business strategies. Business models are used to deliver values to customers. The steps to achieve sustainable business models are market segmentation, design and implementation of mechanism in each segment and customers and suppliers. Business models hoe businesses make money. Business model for innovation is different from other business models as it implies changes in the foundation of business model upon which the businesses operates. Business models for innovation are radical and transformational in nature. Most of the innovation is incremental nature. Business models involve strategizing the use of new technologies for the purpose of developing new and innovative product. Business model of innovation in Procter and Gamble involves developing technologies that will help the company solve existing problem and then develop a new product. The business models used in companies for innovation are based on research and development. Many companies try to license their Research and development department in order to outsource their innovation. Innovation also involves developing a new product that are eco friendly and whose impact on environment is least. Developing a product that is sustainable can help the business develop and grab the opportunities that are available. The main aim of the inventers should be to innovate those products whose demands in the market are high (Maglio and Spohrer 2013).
Innovation helps the companies achieve and maintain competitive advantage. It helps the company mitigate the threats that it faces from the competitors helping the company increase its productivity and profitability. Innovation also helps the companies to attract more customers increasing the sale of the company. Innovation can be used in problem solving. The steps of creative problem solving involves clarifying and identifying problem, conducting research on the problem, formulating creative challenges, generate idea and drawing up an action plan. In today’s world innovation is just not about creating a new product from existing products but it involves creating product and a new marketplace all together. In today’s internet era the act of innovation becomes more challenging (Felin and Zenger 2014).
There are many benefits of innovation. First is that it helps in increasing productivity and efficiency. It also helps in reducing cost. It also helps the organization create a better quality product that helps in meeting the consumer need. Innovation also helps the organization develop products that are sustainable in nature. It helps organizations solve the environmental issues. It also helps in improving staff retention, motivation and helps in easier recruitment. The value of the organization also increases (Von Schomberg 2013).
Innovation requires the organizations to develop a proper plan and strategy to reduce the risk that is attached with innovation. The strategy for innovation involves developing a proper plan so that the company is successful in creating a product that consumers demand. The organization should not rely on just one solution. But it should develop a backup plan that can be used at time of emergency. The organization that is looking forward to innovate new products should use the following strategies to solve the problem of innovation:
Innovation is thinking out of the box. It is essential for gaining a competitive advantage. Innovation requires the organizations to develop a proper plan that will help the organization mitigate the risks of innovation. The main recommendation for the organization will be to develop a product that is eco friendly and sustainable in nature. Procter and Gamble is a multinational company that believes in innovation. It believes in creating new product and has in past developed product that has been successful in past. The main aim of the company should be to hire more skilful and knowledgeable employees that think out of the box. Innovation helps the organization improve its productivity and efficiency. Innovation also has few risks such as commercial return and competition. The main aim of the business case study is to present its objective and an action that fulfils the criteria of its stakeholders. It is an act that is adherent to accomplish the goal of the targeted group that is wither management team or its stakeholders.
References
Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan Management Review, 53(3), p.41.
Boons, F., Montalvo, C., Quist, J. and Wagner, M., 2013. Sustainable innovation, business models and economic performance: an overview.Journal of Cleaner Production, 45, pp.1-8.
Businesscasestudies.co.uk. (2016). Innovation, culture and people – Creating innovation for competitive advantage – Procter & Gamble | Procter & Gamble case studies and information | Business Case Studies. [online] Available at: https://businesscasestudies.co.uk/procter-gamble/creating-innovation-for-competitive-advantage/innovation-culture-and-people.html#axzz49RV43pRb [Accessed 23 May 2016].
Casadesusâ€ÂMasanell, R. and Zhu, F., 2013. Business model innovation and competitive imitation: The case of sponsorâ€Âbased business models.Strategic management journal, 34(4), pp.464-482.
Cloyd, G. and Euchner, J., 2012. Building Open Innovation at P&G.Research-Technology Management, 55(4), pp.14-19.
Felin, T. and Zenger, T.R., 2014. Closed or open innovation? Problem solving and the governance choice. Research Policy, 43(5), pp.914-925.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Hopkins, M., 2012. Corporate social responsibility and international development: is business the solution?. Earthscan.
Leih, S., Linden, G. and Teece, D., 2014. Business model innovation and organizational design: a dynamic capabilities perspective.
Maglio, P.P. and Spohrer, J., 2013. A service science perspective on business model innovation. Industrial Marketing Management, 42(5), pp.665-670.
Metcalfe, J.S. and Miles, I. eds., 2012. Innovation systems in the service economy: measurement and case study analysis (Vol. 18). Springer Science & Business Media.
Ozkan, N.N., 2015. An Example of Open Innovation: P&G. Procedia-Social and Behavioral Sciences, 195, pp.1496-1502.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2012. Business cases for sustainability: the role of business model innovation for corporate sustainability. International Journal of Innovation and Sustainable Development, 6(2), pp.95-119.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2012. Business cases for sustainability: the role of business model innovation for corporate sustainability. International Journal of Innovation and Sustainable Development, 6(2), pp.95-119.
SearchCIO. (2016). What is business model innovation? – Definition from WhatIs.com. [online] Available at: https://searchcio.techtarget.com/definition/business-model-innovation [Accessed 23 May 2016].
Us.pg.com. (2016). Home. [online] Available at: https://us.pg.com/ [Accessed 23 May 2016].
Von Schomberg, R., 2013. A vision of responsible research and innovation.Responsible innovation: managing the responsible emergence of science and innovation in society, pp.51-74.
Willard, B., 2012. The new sustainability advantage: seven business case benefits of a triple bottom line. New Society Publishers.
Wright, K., 2014. Procter and Gamble and the Open Innovation Model.
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